The Project Management Triple Constrain is a fundamental concept in project management and is something contrived project managers should know about. It represents the three very important limitations that every project must adhere to, namely, Cost, Scope, and Time. Balancing these constraints through trade offs is necessary for any project managers to lead their projects to success. Today, we will explore the meaning of the Triple Constraint along with the additional project components, the rules governing it, and how to effectively handle it.
What Does the Project Management Triple Constraint Mean?
The Triple Constraint encompasses the three key aspects mentioned below.
Cost
The financial limitations, often referred to as the project budget. Whether you are purchasing used construction equipment or hiring a contractor, you need to consider the budget.
Scope
The activities required to achieve the project’s objectives.
Time
The projected completion date for the project. For construction projects, getting them finished on time is usually something most managers struggle with.
Additional Project Components
To better represent the important project aspects, experts have added three more restrictions to the model, that include the following.
Quality
Ensuring the project delivers the required level of quality, requiring a quality management plan.
Risk
Addressing project risks through a risk management strategy.
Benefit
Maximizing the financial advantage for project stakeholders.
Rules of the Triple Constraint
Project managers can make trade-offs between the three constraints to maintain the project’s schedule and budget. Examples of trade-offs include:
Time and Scope
Adjusting the project’s scope to shorten or lengthen the overall time required.
Cost and Scope
Narrowing the project scope to reduce expenses or expanding it for increased investment.
Time and Cost
Recognizing the close relationship between time and cost, with labor and equipment costs influenced by project duration.
Handling the Triple Constrained Situation
Managing Costs
– Calculate costs for each task in the project scope.
– Create a project budget based on anticipated costs.
– Utilize the budget as a cost baseline and monitor expenses throughout the project.
– Make adjustments to the budget as needed.
Controlling Scope
– Develop a scope management plan to specify project activities.
– Share the plan with stakeholders to align expectations.
– Use change orders to manage scope changes and prevent scope creep.
– Implement task management tools to track project activities.
Managing the Project Timeline
– Use a Gantt chart to visualize the project schedule and task sequences.
– Establish guidelines and documentation for project timeline management.
– Utilize resource scheduling to allocate resources efficiently.
– Compare the schedule baseline to actual progress to stay on track.